Independent Research, Turtles all the way down

Turtles all the way down

Independent Research

Writing short articles about mis-priced boring stocks around the world.

Equity Bottom-Up

<ul>
<li>I think most (value) investors go through four stages: Stage 0: Buy stuff that goes up. Especially when a lot of people around you get rich from doing it.</li>
<li>Stage 1: Invest in the future! Buy into some fancy exciting new technology that will become big some day! The Cathie Wood stage. Usually stage 1 and stage 0 go hand in hand.</li>
<li>Stage 2: Buy at low PE multiples. Some are smart and skip the first two. This stage is not bad, it should lead to slight outperformance. Can be dangerous without wide diversification as a lot of them are value traps.</li>
</ul>


I think most (value) investors go through four stages: Stage 0: Buy stuff that goes up. Especially when a lot of people around you get rich from doing it.
Stage 1: Invest in the future! Buy into some fancy exciting new technology that will become big some day! The Cathie Wood stage. Usually stage 1 and stage 0 go hand in hand.
Stage 2: Buy at low PE multiples. Some are smart and skip the first two. This stage is not bad, it should lead to slight outperformance. Can be dangerous without wide diversification as a lot of them are value traps.


Hong Kong

Honma Golf Co. Ltd. manufactures and distributes golf products.  The Company produces golf clubs, golf balls, golf bags, golf shoes, and other related accessories.

Playmates Holdings Limited creates, designs, develops, markets and distributes toys and family entertainment activity products.  The Company also invests in properties and property management service.

Playmates Toys Limited design, develops, markets, and distributes toys. The Company's products include action figures, vehicles, dolls, plush, role play toys and interactive electronic toys.

South China Holdings Company Limited is a holding company that engages in a variety of businesses. The Company manufactures and markets toys, shoes and electronics products and invests in commercial and retail buildings.

Matrix Holdings Limited, through its subsidiaries, manufactures and trades gifts and novelties.

Herald Holdings Limited, through its subsidiaries, manufactures toys and gift products, computer heads, household goods, watches, and clocks.  The Company also invests in real estate.

Kader Holdings Company Limited, through its subsidiaries, manufactures and sells electronic, plastic and stuffed toys and model trains.  The Company also invests in properties and securities, and trades securities.

Sino Golf Holdings Limited, through its subsidiaries, manufactures and trades golf equipment and related components and parts.  The Company also manufactures and trades golf bags and related components and parts.

Kin Yat Holdings Limited, through its subsidiaries, designs, manufactures and sells toys.  The Company also manufactures and sells electrical household appliances and motors.

Perfectech International Holdings Limited, through its subsidiaries, manufactures and sells novelties, festival decorations, and packaging products. The Company also trades PVC films and plastic materials.  In addition, Perfectech International manufactures and sells toy products.

Perfectech International Holdings Ltd (765 HK)

Mars Engineering Corporation manufactures equipment used in the operation of gambling houses called pachinko parlors. The Company manufactures pre-paid card vending machines, ticket readers, prize distribution systems, ball counters, and centralized data monitoring and control systems.  The Company also manages business hotels.

Guangdong Qunxing Toys Joint-Stock Company Limited develops, designs, produces and sells electrical toys.  The Company's main products include baby car series, children computer, baby toys, electric car series, mobile phone series and others.

MasterCraft Boat Holdings Inc., operates as a holding company. The Company, through its subsidiaries, designs, manufactures, and markets recreational powerboats. MasterCraft Boat Holdings also leases a parts warehouse. MasterCraft Holdings serves customers worldwide.

Rastar Group develops, manufactures, markets and sells electronic and electrical toy cars and plastic toys. The Company's products include model cars, toy cars, and electric remote control toy cars.

Advanced International Multitech Co., Ltd. manufactures and markets golf club heads and putters.  The Company also produces bicycle parts.

DAIKOKU DENKI Co., LTD. develops, manufactures and sells computer system used in the operation of pachinko parlor.  The Company also develops, manufactures and sells pachinko slot machines, related parts, and other peripheral devices.

Marine  Products Corp., through its wholly-owned subsidiary Chaparral,  designs, manufactures, and sells recreational fiberglass powerboats.  The Company markets its products in the sportboat, deck boat, and cruiser markets.

Johnson Outdoors Inc. designs, manufactures, and markets branded outdoor recreation products in diving, watercraft, outdoor equipment and motors.  The Company's products include outdoor clothing, tents, canoes, compasses, sailboats, flotation devices, diving equipment and motors.  Johnsons' products are sold under Jack Wolfskin, Eureka!, Old Town, Escape, Scubapro and Minn Kota.

Snow Peak Inc. designs, manufactures, and retails camping equipment and outdoor lifestyle goods.

Goldlok Toys Holdings (GuangDong) Co., Ltd. researches, produces and sells electronic and plastic toys.  The Company's products include electric train set, robot toy, electric toy car.

Dream International Limited, through its subsidiaries, designs, develops, manufactures, and sells a wide range of plush stuffed toys on OEM (Original Equipment Manufacturing) and ODM (Original Design Manufacturing) basis. The Company's clients include Warner Bros., Bandai, Costco Wholesale Corporation, C & H Korea Group, and Funrise Toys.

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Dream International (1126 HK)

Investing in HK Stocks

If you invest in Western markets this would be enough, but not in Asian markets where the trust factor is a lot lower, and where ownership is more...

Turtles all the way down

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